Choosing your executor in North Carolina takes careful consideration. Your executor performs legal tasks on your behalf following your death. This person can perform several activities, such as distributing your assets, selling your property, and accessing your financial and medical records.
Deciding on an executor is a primary step in planning your estate. In most cases, the court has to approve your choice of executor. A former felon is unlikely to gain approval. The court also will not allow a minor to serve as executor.
Ask yourself the following questions before choosing your executor:
Is the person responsible?
Being an executor requires a great deal of responsibility. An executor has to make financial decisions, communicate with beneficiaries and handle several other duties. You need a reliable person with a strong work ethic for the role. If no one in your life fits this role, consider a bank, attorney, accountant or trust company as executor.
Does the person have good credit?
A person with bad credit, a history of bankruptcy or no credit probably won’t get approved as an executor. Some courts require bonding, which means a bonding company pays beneficiaries if the executor steals estate funds. If the bonding company feels the executor is a bad risk, they won’t extend a bond.
How old is the person?
You must name at least one executor to make your will valid. However, you could outlive that person or that person might reject the role. Consider an additional executor who is healthy and young. You can choose a specific person or include instructions in your will about who can act as successor co-executors.
Does the executor get along well with others?
Your beneficiaries might not get along – even if they’re family. Your executor needs the maturity to put personal differences aside. If you feel this is impossible, consider choosing an executor who isn’t a friend or family member – such as a bank or attorney.
Being an executor requires responsibility, time and patience. Carefully consider your options when deciding on your executor.